These Are The US States That Added The Most Billionaires Over The Last Decade
The billionaire map of America looks very different today than it did a decade ago.
New faces and shifting fortunes have reshaped where the country’s wealthiest residents call home, and some states have vaulted ahead in the billionaire rankings as Visual Capitalist's Pallavi Rao shows in the infographic below.
The data for this map comes from two related Forbes sources.
Their 2016 billionaire breakdown (which used net worth figures as of November, 2015), and their Real-Time Billionaires List, accessed July, 2025.
Using both datasets, we mapped the net change in U.S. billionaires by state. Due to data limitations, this map does not count U.S. billionaires in Washington D.C. and overseas territories.
The South is Gaining Billionaires, Fast
While California leads by overall billionaire gains (+75), two southern states are in the top five.
| Rank | State | Code | 2015 Billionaires | 2025 Billionaires | Change in Billionaires |
|---|---|---|---|---|---|
| 1 | California | CA | 124 | 199 | 75 |
| 2 | Florida | FL | 44 | 117 | 73 |
| 3 | New York | NY | 93 | 136 | 43 |
| 4 | Texas | TX | 48 | 83 | 35 |
| 5 | Illinois | IL | 17 | 30 | 13 |
| 6 | Massachusetts | MA | 10 | 23 | 13 |
| 7 | Pennsylvania | PA | 10 | 23 | 13 |
| 8 | Georgia | GA | 9 | 21 | 12 |
| 9 | Nevada | NV | 8 | 19 | 11 |
| 10 | North Carolina | NC | 3 | 10 | 7 |
| 11 | Arizona | AZ | 9 | 15 | 6 |
| 12 | Utah | UT | 1 | 7 | 6 |
| 13 | Virginia | VA | 5 | 11 | 6 |
| 14 | Connecticut | CT | 12 | 17 | 5 |
| 15 | Ohio | OH | 6 | 10 | 4 |
| 16 | Washington | WA | 13 | 17 | 4 |
| 17 | Colorado | CO | 10 | 13 | 3 |
| 18 | Louisiana | LA | 1 | 4 | 3 |
| 19 | South Carolina | SC | 1 | 4 | 3 |
| 20 | Hawaii | HI | 1 | 3 | 2 |
| 21 | Maryland | MD | 8 | 10 | 2 |
| 22 | Mississippi | MS | 0 | 2 | 2 |
| 23 | Missouri | MO | 6 | 8 | 2 |
| 24 | Montana | MT | 4 | 6 | 2 |
| 25 | Nebraska | NE | 2 | 4 | 2 |
| 26 | Tennessee | TN | 10 | 12 | 2 |
| 27 | Alabama | AL | 0 | 1 | 1 |
| 28 | Arkansas | AR | 5 | 6 | 1 |
| 29 | Kansas | KS | 2 | 3 | 1 |
| 30 | New Hampshire | NH | 1 | 2 | 1 |
| 31 | New Mexico | NM | 0 | 1 | 1 |
| 32 | North Dakota | ND | 0 | 1 | 1 |
| 33 | Oregon | OR | 2 | 3 | 1 |
| 34 | Vermont | VT | 0 | 1 | 1 |
| 35 | Maine | ME | 1 | 1 | 0 |
| 36 | New Jersey | NJ | 8 | 7 | -1 |
| 37 | Oklahoma | OK | 5 | 4 | -1 |
| 38 | West Virginia | WV | 1 | 0 | -1 |
| 39 | Idaho | ID | 3 | 1 | -2 |
| 40 | Indiana | IN | 4 | 2 | -2 |
| 41 | Michigan | MI | 11 | 9 | -2 |
| 42 | Wisconsin | WI | 9 | 7 | -2 |
| 43 | Wyoming | WY | 9 | 7 | -2 |
| N/A | Iowa | IA | 1 | 1 | No change |
| N/A | Kentucky | KY | 1 | 1 | No change |
| N/A | Minnesota | MN | 5 | 5 | No change |
| N/A | Rhode Island | RI | 1 | 1 | No change |
| N/A | South Dakota | SD | 1 | 1 | No change |
| N/A | Alaska | AK | 0 | 0 | No billionaires |
| N/A | Delaware | DE | 0 | 0 | No billionaires |
| N/A | U.S. | US | 540 | 869 | 329 |
In fact, second-ranked Florida added 73 billionaires—more than doubling its roster to 117—thanks to the influx of hedge-fund titans, tech founders, and pandemic-era corporate relocations.
Texas gained 35, cementing its draw as America’s energy capital and a swelling tech hub around Austin and Dallas.
With no state income tax and a cost of living well below coastal peers, both states have become magnets for high-net-worth individuals fleeing higher-tax jurisdictions.
Tech Hubs Keep Their Billionaire Edge, But is Growth Cooling?
California remains the undisputed leader with 199 billionaires in 2025—up 75 from 2015—anchored by Silicon Valley fortunes from companies such as Apple, Google, and OpenAI.
Yet the Golden State’s growth rate lags that of Florida and Texas, hinting at headwinds from rising costs and remote-friendly work patterns.
New York added 43 new billionaires, driven largely by finance and media exits, but also saw some flight to lower-tax locales.
Even with slowing momentum, these coastal giants still host 39% of all U.S. billionaires.
Unexpected Wealth Hotspots in the Mountain West and Midwest
Beyond the big four, several smaller states quietly punched above their weight.
Nevada added 11 billionaires, boosted by Las Vegas real-estate windfalls and a growing tech presence around Reno.
Utah’s count jumped six-fold on the back of booming software IPOs along the “Silicon Slopes.”
Illinois and Massachusetts each gained 13 billionaires, underscoring the enduring wealth-creation power of Chicago’s trading dynasties and Boston’s life-science clusters.
Conversely, traditional manufacturing states such as Michigan and Wisconsin slipped, each losing two members of the three-comma club.
If you enjoyed today’s post, check out The Richest Billionaire in Every Country (That Has One) on Voronoi, the new app from Visual Capitalist.